When GST comes, petrol 75 and diesel will be Rs 68 - SBI report


Posted on 6th Mar 2021 02:59 pm by rohit kumar

Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.

 

Petrol and diesel fall in GST, 0.4% loss to GDP

 

Did you know?Explore Trending and Topic pages for more stories like this.

Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.

 

Saudi Arabia turned down India's request

 

Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.

 

Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.

2 Like 0 Dislike
Previous news Next news
Other news

Anurag Dobhal breaks down in tears in his final video, accuses his family of being responsible for his death.

Bigg Boss 17 fame Anurag Dobhal, aka YouTuber UK07 Rider, has shared a video on YouTube in which

IMF Chief Economist said: India has the potential to become a $10 trillion economy, just these steps have to be taken

International Monetary Fund (IMF) Chief Economist Pierre-Olivier Gourinchas has praised the India

Corona cases are breaking records in India, number of Covid patients crosses 4000; Centre asks states to be prepared.

At least 276 Covid-19 cases were reported in India during the last 24 hours, taking the total num

Who is Urjit Patel? He had resigned from the post of RBI Governor; now, he will take up responsibility at the IMF

The Central Government has approved the appointment of former Reserve Bank of India Governor Urji

India vs Kuwait: India became SAFF champion for the second time in a row by defeating Kuwait, won the match 5-4 in the penalty shootout

Goalkeeper Gurpreet Singh's brilliant performance helped the Indian football team win the SAFF Ch

'They will not decide who is a true Indian, ' Priyanka Gandhi in defense of Rahul Gandhi, responded to SC's comment

Congress MP Priyanka Gandhi has responded to the Supreme Court's remarks. Defending Rahul Gandhi,

Since the removal of Article 370 from Jammu and Kashmir, 118 civilians have been killed so far, know how many Hindus

The Central Government told Parliament on Wednesday that there has been a decrease in the cases o

National Sports Day: Three players made Sports Day special; The country got gold, silver, and bronze medals in a week

The last week of August has been memorable in sports for India. The country got three different m

Ladakh violence leaves four dead, 70 injured, curfew imposed, and internet banned; BJP accuses Congress of conspiracy.

The ongoing protest demanding statehood and inclusion of Ladakh in the Sixth Schedule turned viol

'Dil Se Bura Lagta Hai Bhai...', this last video of Devraj Patel who made the world laugh is making everyone cry

YouTuber & Comedian Devraj Patel's Last Instagram Video: Once again bad news is coming out fr

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash